ABSTRACT
Cutting across this, we have also identified the transaction cost revolution brought about by new payment and accounting media as potentially creating many new markets for goods and services previously produced in-house, within which there will arise the potential for new cycles of innovation. Although different sectors will react in different ways, since internal administration costs are also falling, and although there are innovation winners and losers when goods and services are split apart, overall the mapping of the tacit component of many service occupations will be part of the process of developing innovation systems in the sectors opened up to entrepreneurial action by these changes.
